ZEAL Network Valuation Multiples

ZEAL Network Overview

About ZEAL Network

ZEAL Network SE is an e-commerce group of companies company specializing in the area of online lottery. The company offers consumer-facing lottery-based games as well as business-to-business solutions. The operating business segments are Germany and Other. The ZEAL group now has more than one million active customers. ZEAL allows the participation in state-licensed lotteries via the LOTTO24 and Tipp24 brands and also offers its own lottery products. ZEAL operates under its owns brands namely ZEAL Instant Games, ZEAL Ventures and ZEAL Iberia.

Founded

1999

HQ

Employees

236

Website

zealnetwork.de

Sectors

Casinos & GamblingOnline BettingViceTech

Financials (LTM)

Revenue: $266M

EBITDA: $82M

EV

$1B

Valuation Multiples

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ZEAL Network Financials

ZEAL Network reported last 12-month revenue of $266M and EBITDA of $82M.

In the same LTM period, ZEAL Network generated $266M in gross profit, $82M in EBITDA, and $49M in net income.

ZEAL Network P&L

In the most recent fiscal year, ZEAL Network reported revenue of $222M and EBITDA of $72M.

ZEAL Network expects next 12-month revenue of XXX and NTM EBITDA of XXX

ZEAL Network Stock Performance

ZEAL Network has current market cap of $1B, and enterprise value of $1B.

ZEAL Network's stock price is $57.97.

ZEAL Network Valuation Multiples

ZEAL Network trades at 4.4x EV/Revenue multiple, and 14.3x EV/EBITDA.

ZEAL Network Financial Valuation Multiples

As of April 20, 2026, ZEAL Network has market cap of $1B and EV of $1B.

Equity research analysts estimate ZEAL Network's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

ZEAL Network has a P/E ratio of 25.1x.

ZEAL Network Margins & Growth Rates

ZEAL Network's revenue in the last 12 month grew by 16%.

ZEAL Network's revenue per employee in the last FY averaged $0.9M, while opex per employee averaged $0.6M for the same period.

ZEAL Network's rule of 40 is 47% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

ZEAL Network's rule of X is 73% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

ZEAL Network Public Comps

See public comps and valuation multiples for other Casinos & Gambling and Online Betting comps.

ZEAL Network M&A Activity

ZEAL Network acquired XXX companies to date.

Last acquisition by ZEAL Network was on XXXXXXXX, XXXXX. ZEAL Network acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

ZEAL Network Investment Activity

ZEAL Network invested in XXX companies to date.

ZEAL Network made its latest investment on XXXXXXXX, XXXXX. ZEAL Network invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).